Reliance Communications registered themselves as the advisor for Stanchart and DBS for undersea cable unit Flag Telecom in Singapore which is a project of $ 1.5 billion (around Rs. 7, 500 crore).

Reliance Communications RCOM Logo

The IPO have involved RCOM selling as much as 75% stake for $1.5 billion in Flag Telecom, will be listed as a business trust in Singapore. Flag Telecom was obtained by the undivided Reliance Group in 2003 for $ 207 million (less than Rs. 1000 crore).

Flag Telecom

Later on the deal of Flag Telecom was the part of Anil Ambani Reliance Group. Last year, a deal was made by Reliance Infratel to sell stake to tower major GTL Infrastructure for $11 billion (Rs. 50, 000 crore) fell apart.

DBS Bank

In the recent past, RCOM was selling their stakes in the market for raising funds, to rebate their debts. During the month of September, Reliance Communications was having debt of about Rs. 32, 000 crore debt in the market.